Business
How the company keeps beating the toy industry

Lego just put up another banner year — with help from a behind-the-scenes secret weapon.
The Danish company on Tuesday reported a 12% jump in revenue to 83.5 billion Danish kroner, or $12.9 billion, for fiscal year 2025. Operating profit rose 18% year over year to 22 billion Danish kroner, or $3.4 billion, the company said.
“When we look at the growth area, it’s kind of pretty broad-based in the sense that it’s not one product or one theme, it’s pretty much across the board,” Lego CEO Niels Christiansen told CNBC.
Lego’s consumer sales jumped 16%, outpacing the overall toy market’s 7% growth over the same period, the company reported. Lego has steadily outperformed the toy industry since the pandemic, growing its market share and its space on retail shelves.
The brickmaker’s secret: a combination of trendspotting and a streamlined supply chain.
Lego has a hearty licensed product line, featuring sets based on a wide range of popular films, TV shows and video games, as well as a substantial number of in-house brands like its flower arrangements, art pieces and architectural structures.
Last year, Lego launched its largest portfolio ever, with more than 860 sets hitting shelves, the company said. Around half of those were new items.
In expanding its catalog of products, Lego has also grown its consumer base. Gateways into the brand such as its line of botanicals — plants, flower bouquets and succulents — and its ongoing partnership with Epic Games — which brings Lego to the digital space and elements from the popular video game Fortnite into the physical world — have encouraged newcomers into the brick-building space, Christiansen said.
Once there, these customers discover other sets and continue building. And it’s not just kids, adult builders are an important piece of Lego’s sales.
Toy experts told CNBC that Lego was ahead of the curve, embracing adults as a key toy consumer long before the industry coined the term “kidult.” Adults buying for themselves account for between 25% and 30% of all global toy sales, according to data from Circana.
“We hit really well on a lot of different type of products and ways of building and passion points,” Christiansen said.
One of the company’s recent additions to the portfolio is its partnership with Formula One auto racing. Lego has been present at F1 races since last season, hosting in-person activities that have included functional, life-size cars and handcrafted trophies made out of bricks for podium finishers.
Formula One cars and a circuit made with Lego are displayed at the 2025 Canadian International AutoShow at the Metro Convention Centre in Toronto, Feb. 21, 2025.
Nurphoto | Getty Images
F1 building sets range from Duplo sets for preschool children, traditional sets for casual builders and Lego Technic sets for more advanced crafters. Additionally, as part of the ongoing relationship between the two brands, Lego has signed on as a team sponsor for an F1 Academy car starting in 2026.
But Lego’s real secret weapon in outpacing the toy industry isn’t as flashy.
Brick by brick
Lego has developed an incredibly efficient supply chain, which allows it to produce products closer to their final retail destination.
For example, right now the company’s Mexico-based factory supplies the Americas, while its Hungary factory helps supply parts of Europe, the Middle East and Africa. Lego recently opened a Vietnam location to service the Asia-Pacific region and is set to open up a new facility in Virginia in 2027.
Christiansen said the new U.S.-based factory will help keep up with the growing demand for product in the Americas.
Lego products are displayed at a Lego store in New York, Aug. 29, 2024.
Spencer Platt | Getty Images
Not only does this make the shipping process more efficient and shorten delivery times for fans, it also reduces costs. Lego can tailor what it’s manufacturing based on regional demand, meaning it’s not creating excess inventory.
Lego can also be more nimble than its competitors during trade disputes or shipping disruptions because its factories are not all concentrated in one area.
“You come out of a year like 2025, and we’ve seen that growth that was beyond our expectations, and … what a mountain to climb,” Christiansen said. “On the other hand, we have really strong momentum. It continues throughout the year and into this year. So, I think we feel good about growing on top of ’25, maybe not to the same growth rate. Our expectation would be high-single-digit, which would be fantastic.”
In 2026, Lego is introducing sets based on the likes of Pokémon, “Lord of the Rings” and The Legend of Zelda, as well as launching its new innovation: the Lego Smart Brick. The new high-tech, two-by-four Lego brick, which is part of several new “Star Wars” sets, contains sensors that react to movement and play sounds and light up when played with.
“So I think there are many different things that should take well throughout the year,” Christiansen said.
Business
Bitcoin holds near $67K as crypto markets stay muted; volatility seen rising ahead
Over the past 24 hours, Bitcoin rose 0.34%, while Ethereum fell 0.18% to trade at the $2,050 level. Among the major altcoins, BNB, Solana, Tron, Dogecoin, Hyperliquid, and Cardano gained up to 1.07%, while XRP slipped 0.32%. The global crypto market capitalisation went up 0.36% to $2.31 trillion, according to CoinMarketCap.
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Piyush Walke, Derivatives Research Analyst, Delta Exchange, said Crypto markets were subdued on Friday, with no major price movements. Both Bitcoin and Ethereum traded largely sideways, while implied volatilities continued to bottom out. Such conditions are often followed by a period of heightened volatility ahead.
From a technical perspective, sellers would need to push prices below $65K to open the door for a deeper decline toward $60K. On the upside, any meaningful recovery would require a move above $69K, reclaiming the 50-day SMA and breaking back into the lower band of the rising channel, Walke added.
In the past week, Bitcoin and Ethereum went up 1.01% and 3.15%, respectively. Among the major altcoins, BNB, XRP, Solana and Hyperliquid slipped up to 6.68%, whereas Tron, Dogecoin and Cardano gained up to 1.78%.
WazirX Market’s Desk said the crypto market remained stable this week with reduced volatility and improving sentiment. Bitcoin traded within the $66,000–$67,000 range, holding key levels despite earlier macro pressure. Ethereum’s performance over the week was impressive, gaining around 3.7%, supported by continued ecosystem activity and capital rotation.
Institutional signals turned constructive. Bitcoin ETFs recorded their first inflows since October as prices stabilised, indicating renewed demand, WazirX Market’s Desk further said.
According to Binance Weekly Market Research, Bitcoin’s correlation with the Global Easing Breadth Index (GCBI) has turned negative post-ETF (2024–2026), signalling growing maturity as the market prices macro trends ahead rather than reacts to them.
“We think this reflects a shift in marginal price-setting from retail to institutions after ETFs. Since assets are priced by the marginal buyer, and institutions process macro information earlier (often 6–12 months ahead of policy moves), positioning can lead the rate cycle rather than lag it.”
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As a result, BTC may have evolved from a macro “lagging receiver” to a “leading pricer.” A peak in easing may already be old news for BTC, and crypto-native drivers—such as policy progress and institutional flows—could matter more than the direction of monetary easing itself, the report further said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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NBA Investigating Bucks After Giannis Antetokounmpo Insists He’s Healthy and Ready to Play
The NBA has launched an investigation into the Milwaukee Bucks for their handling of superstar Giannis Antetokounmpo’s injury status and potential violations of the league’s player participation policy, after the two-time MVP publicly stated he is healthy and wants to play while the team continues to hold him out.

ESPN’s Shams Charania reported Friday that the league is examining inconsistent statements regarding Antetokounmpo’s health. The Bucks have listed the 31-year-old forward as out for the past 10 games with a left knee hyperextension and bone bruise suffered March 15 against the Indiana Pacers. Antetokounmpo, however, has told investigators he is ready to return and the team will not medically clear him, sources said.
Antetokounmpo addressed the situation directly before Friday’s game against the Boston Celtics, expressing frustration and questioning his relationship with the organization. “You know who you are dealing with,” he told reporters. He added that he has never seen a player of his caliber publicly state he wants to play while being sidelined, and welcomed the NBA’s probe. “There should be” an investigation, he said, according to multiple accounts.
The conflict comes as the Bucks, already eliminated from playoff contention and headed for their first missed postseason since 2016, sit near the bottom of the Eastern Conference. Antetokounmpo has appeared in only 36 games this season due to multiple injuries, including a lengthy calf issue earlier in the year.
The National Basketball Players Association previously criticized the Bucks in late March, asserting that Antetokounmpo is healthy and ready to play. The union suggested the team might be engaging in tanking to improve lottery odds, stating the player participation policy exists to ensure stars like Antetokounmpo are on the court when able. “Anti-tanking policies are only as effective as their enforcement,” the NBPA said.
Bucks coach Doc Rivers had maintained that Antetokounmpo is “progressing” but “just not healthy,” pushing back against the union’s claims in late March. Team officials have told league investigators they do not believe he is ready and that he actually wants to play, creating the conflicting narratives now under review.
The NBA has interviewed Antetokounmpo’s representatives, the Bucks and team doctors as part of the probe, sources told Charania and The Athletic. The investigation focuses on whether the franchise violated rules requiring teams to make healthy players available, particularly as the season winds down with no playoff implications.
Antetokounmpo’s public comments Friday marked a notable escalation. He described the situation as feeling like “a slap in the face” and suggested uncertainty about the future of his relationship with the Bucks. “I just don’t want to be part of it,” he said in one account, raising questions about his long-term commitment to the franchise amid ongoing injury concerns and the team’s direction.
The Greek Freak has averaged 27.6 points, 9.8 rebounds and 5.4 assists in his limited action this season while shooting a career-high 62.4% from the field. His absence has contributed to Milwaukee’s struggles, though the team has leaned on other veterans in recent games.
League rules prohibit teams from resting healthy players for non-injury reasons, especially in the context of the new collective bargaining agreement’s emphasis on player availability. Similar investigations have targeted other franchises in recent years over load management and tanking concerns.
The Bucks have not issued a detailed public response to the latest reports beyond standard injury updates listing Antetokounmpo as out. The organization has emphasized caution with the star’s health after a season marked by multiple lower-body setbacks, including groin, calf and now knee issues.
Antetokounmpo’s desire to play contrasts with the team’s apparent preference to shut him down for the remainder of the regular season, which ends in mid-April. With the Bucks out of contention, some observers speculate the front office prioritizes preserving his long-term health and potentially positioning for a higher draft pick or future roster moves.
The situation has drawn widespread attention across the NBA. Fans, analysts and former players have weighed in on social media, with many expressing surprise at the public rift between a franchise cornerstone and his team. Antetokounmpo signed a contract extension in recent years and has been the face of the Bucks since being drafted in 2013, leading them to the 2021 NBA championship.
The timing of the investigation adds pressure as the league office seeks to enforce participation rules uniformly. Outcomes of similar probes in the past have included fines, though more severe penalties are rare unless clear violations are proven.
As of Saturday, April 4, Antetokounmpo remained sidelined for upcoming games, with no updated timetable for his return. The NBA has not commented publicly on the investigation’s progress or potential timeline for resolution.
The episode highlights broader tensions in the modern NBA between player health, competitive integrity and strategic decision-making in a 82-game season. Stars often battle through injuries, but teams increasingly err on the side of caution, sometimes creating friction when a player feels ready.
For the Bucks, the drama unfolds against a backdrop of a disappointing season and questions about the roster’s future direction. Whether Antetokounmpo returns before the season ends — or at all — remains uncertain amid the ongoing probe.
The Greek Freak’s comments Friday suggested he is eager to contribute while he can, emphasizing his competitive drive even in a lost season. “I want to f—ing play,” he said, underscoring the disconnect with the team’s medical and organizational stance.
League officials are expected to continue gathering information in the coming days. Any findings could influence not only the Bucks but also set precedents for how teams manage star players down the stretch of disappointing campaigns.
Antetokounmpo has not elaborated further since his pregame remarks, focusing instead on his personal preparation. The situation adds another layer of uncertainty to what has already been a challenging year for the franchise and its franchise player.
As the regular season concludes, all eyes remain on Milwaukee to see how the investigation unfolds and whether Antetokounmpo makes a late appearance. For now, the public disagreement and league scrutiny have thrust the Bucks into the spotlight for reasons far removed from on-court performance.
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